Steelmaker ThyssenKrupp may sell Calvert mill, executive says

A coil of steel is carried by a crane in the hot strip mill at the ThyssenKrupp steel mill in Calvert, Ala. Thursday, Sept. 9, 2010. Company officials said they are considering selling the plant. (Press-Register, Bill Starling)

Officials at ThyssenKrupp, Germany's biggest steelmaker, have suggested that they may sell the complex in Calvert, throwing in the towel after cost overruns and delays at the plant, according to a story on Reuters.com.

Chief Executive Heinrich Hiesinger said in a press release on Tuesday the management board had decided to examine all strategic options for the mill near Mobile and one in Rio de Janeiro.

"We have announced to improve our performances sustainably and review the strategic value of our business on a regular basis," Hiesinger told the board. "This is also the case for our biggest challenge, Steel Americas."

The plants in Brazil and Alabama were meant to give ThyssenKrupp a strategic foothold in North America just as the automotive and non-residential construction sectors were picking up in the Unites States, the story pointed out.

Hiesinger told the board that the company "will push ahead with the ramp-up of the two plants. Clear progress has already been made on this."